Paging Network Inc has found favour with Moody’s Investors Service Inc, which upgraded the rating on its $200m senior subordinated notes due 2002 to B2 from B3. The upgrade reflects the company’s increased market share and revenues, enlarged and diversified customer base, continued lowest cost operations, improved and increasingly predictable cash flow and further growth opportunities, but is limited by the risks resulting from the company’s high growth strategy, high level of debt and the expectation of continued losses, Moody’s added.
